EURCAD Back at 2016 Resistance

FX:EURCAD   Euro / Canadian Dollar
The EURCAD is one to keep an eye on for potential long trades but is currently faced with a key pivot resistance that dates back to 2016.

Price has been trending very well since bouncing off the daily 200SMA at the start of 2018 covering around 1200 pips in that time. Price attempted to break through the 2016 high last week but failed. We saw strong moves yesterday in FX as the CAD weakened across the board. On the EURCAD , price made a bullish move of 200 pips yesterday but has still not broken through this key resistance level .

This looks bullish across the board.

Monthly - Trading above the high of 2017 and above the major round number of 1.5000.
Weekly - Trading above the 200SMA and the 50SMA.
Daily - Trading above the 200SMA and the 50SMA.

Given that we have alignment across all three timeframes and that we have a fast moving trend in progress that has a neat linear trend structure to it, this is a currency pair that should be on your watchlist.

A break and close above the 2016 resistance, ideally in the form of a bull flag , will suggest a trend continuation and will offer long opportunities. We would then like to see price target the ATH at 1.9000 and further towards 2.0000.

As has been a feature in FX for quite some time, patience needed for now until we get the required setup.

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